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Malaysian banks' profit growth slow to 8.8% in Q2

Malaysian bank earnings fell from double-digit growth of 11.8% in Q1 to 8.8% in Q2, according to UOB Kay Hian.

Banks were careful to keep their costs to a minimum in Q2 which helped in bringing operating costs down by 1.8% YoY and 3.4% QoQ.

However, revenue fell 3.3% QoQ as volatile capital markets and higher funding cost impact on NIM pushed down non interest-income by 5.3% YoY and 12.7% QoQ. The sector’s net interest income stream was able to eke out easily gains 1.1%.